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Press
Release Archives: 05/29/2003
Itronics
Achieves Significant Milestone, Recording Monthly Gross
Profit For First Time in Its History
RENO, Nev., May 29 /PRNewswire-FirstCall/ -- Itronics
Inc. (BULLETIN BOARD: ITRO) reported today that its
subsidiary, Itronics Metallurgical, Inc., made a small
gross profit in April and that Itronics also recorded
a gross profit on a consolidated basis in that month,
the first such month in the Company's history.
"For
the first time since our photochemical recycling plant
began operations, sales have covered all of the direct
costs of photochemical collection services, photochemical
solution processing, and GOLD'n GRO liquid fertilizer
manufacturing," said Dr. John Whitney, Itronics
President. "April's GOLD'n GRO fertilizer sales
were up 51 percent over comparable sales in April 2002
and this increase was sufficient to enable us to achieve
a positive gross profit."
In
its first quarter Form 10-QSB filed on May 15, 2003,
the Company stated that it believes that it has now
identified and established GOLD'n GRO bulk products
that have large enough markets to provide the growth
in sales volume needed for the Company to achieve sustained
profitability within the next 12 to 24 months. The Company
also said that the path to overall profitability will
be first to achieve profitability at the gross profit
level, then at the operating income level, and lastly,
at the net income level.
Itronics,
through its subsidiary, Itronics Metallurgical, Inc.,
is the only company in the world with the technology
to extract more than 99 percent of the silver and virtually
all the other toxic heavy metals from used photoliquids
and to convert the resulting liquid into environmentally
beneficial, chelated, multinutrient liquid fertilizer
products sold under the trademark GOLD'n GRO. These
earth friendly liquid fertilizers, which can be used
for lawns and houseplants, and the popular Silver Nevada
Miner bars, a souvenir of the Silver State, are available
at the Company's Web site: http://www.itronics.com/
.
Itronics
Inc. is one of Nevada's leading process technology companies
and a world leader in photochemical recycling. Headquartered
in Reno, Nevada, it recycles spent liquid photochemicals
into liquid GOLD'n GRO fertilizer products, recovers,
refines, and sells silver, and provides project planning
and technical services to the mining industry. Dr. John
Whitney, Itronics President, was selected as Nevada's
Inventor of the Year for 2000 and has become a member
of the Inventor's Hall of Fame at the University of
Nevada, Reno. Itronics was one of five finalists for
the 2001 Kirkpatrick Chemical Engineering Award, the
most prestigious worldwide award in chemical engineering
technologies.
VISIT
OUR WEB SITE: http://www.itronics.com/
(Statements
in this press release may constitute forward-looking
statements and are subject to numerous risks and uncertainties,
including the failure to complete successfully the development
of new or enhanced products, the Company's future capital
needs, the lack of market demand for any new or enhanced
products the Company may develop, any actions by the
Company's partners that may be adverse to the Company,
the success of competitive products, other economic
factors affecting the Company and its markets, and other
risks detailed from time to time in the Company's filings
with the Securities and Exchange Commission. The actual
results may differ materially from those contained in
this press release. The Company disclaims any obligation
to update any statements in this press release.)
CONTACT:
Paul Knopick, +1-888-795-6336, for Itronics Inc.
Web
site: http://www.itronics.com/
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